Cashew nuts market in Asia

Earlier Report Observations

The cashew nuts market volume in Asia increased from 1 502 thousand tonnes in 2018 to 2 981 thousand tonnes in 2023. This growth was largely propelled by the reduction of the Basic Customs Duty on raw cashew nuts from 5% to 2.5% and a GST cut from 12% to 5% in 2018, which lowered the cost of imported raw materials for processing. Government financial assistance to the Cashew Export Promotion Council of India (CEPCI) for participation in international fairs and the allowance of duty-free imports from least developed countries further supported the rise in market availability.

After peaking in 2021, market volume dipped temporarily in 2022 but rebounded to a record 2 981 thousand tonnes in 2023. Increased production in India, particularly in Maharashtra, and government initiatives under the MIDH and RKVY schemes to expand cultivation and adopt high-yield varieties boosted domestic supply. Additionally, strong harvests in Ivory Coast and other African countries, accounting for 58% of global yield, enhanced global shipments, while companies such as Olam International expanded processing capacity in Vietnam to meet growing demand.

In 2024, factors such as high raw cashew prices due to rising costs and tighter global supply, alongside stricter food safety regulations in India, the EU, and Canada, continued to shape the market. Growing health awareness among consumers fueled demand for cashews as healthy snacks, spurring new product segments like flavored and roasted nuts, cashew butter, and vegan spreads. Digitalization of processes and packaging innovations such as resealable pouches also supported convenience and product freshness.

Production cashew nuts in Asia

In kind, 2017-2020, K t

Top producers of cashew nuts, 2017-2020

World map of production of cashew nuts, 2017-2020

In 2020, Asia produced 1 549 K t of cashew nuts, marking a slight increase of 2.5% compared to 2019. Over the period from 2017 to 2020, production grew by 12%, with an average annual growth rate of 3.9%. The largest decline occurred in 2019, at 2.2%, while the most significant increase was recorded in 2018, at 11.9%.

Annual dynamics of production in Asia in kind, 2017-2020, K t

Exports cashew nuts from Asia

Exports in kind, K t

Cross-border shipments of cashew nuts from Asia increased for the second consecutive year. In 2020, Asia exported 464 K t of cashew nuts, representing a modest rise of 7.7% compared to the previous year. Between 2017 and 2020, exports surged by 55.2%, equating to an annualized growth rate of 15.8%. The lowest export volume was recorded in 2018 at 286 K t, which also saw the largest decline of 4.3%. In contrast, the largest increase occurred in 2019, with a jump of 50.6%.

Annual dynamics of product's exports from Asia in kind, 2017-2020, K t

Data from 2017 to 2020 show that exports of cashew nuts from Asia were not heavily concentrated on a few key destinations. The United States accounted for 27.2% of exports in kind, the Netherlands for 10.5%, and Germany for 3.1%. Together, these three countries represented only 40.9% of total export flows, indicating a diversified export structure.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Asia in kind, 2017-2020

Exports in value, M $ US

Cashew nut shipments from Asia to abroad declined for the third consecutive year. In 2020, exports were recorded at 3 162 M $ US, reflecting a gradual decrease of 3.6% from 2019. Over the period from 2017 to 2020, exports fell by 15.8%, with an average annual decline of 5.6%.

Annual dynamics of product's exports from Asia in value, 2017-2020, M $ US

From 2017 to 2020, the United States was the largest buyer of cashew nuts from Asia in value terms, accounting for 31.9% of exports, followed by the Netherlands at 12.5% and Germany at 3.6%. However, even combined, these three countries represented just 48.0% of total export value, highlighting a broadly diversified partner base.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Asia in value, 2017-2020

Imports cashew nuts to Asia

Imports in kind, K t

The market exhibited an unstable trend throughout the timeframe. Import levels fluctuated significantly, with a 5.3-fold difference between the high in 2019 and the low in 2018. In 2020, foreign cashew nut supplies to Asia stood at 1 170 K t, which is 9.1% lower than in 2019. The minimum import volume was recorded in 2018 at 241 K t, while the maximum was in 2019 at 1 287 K t. The largest decline occurred in 2018, at 80.5%, and the largest increase was in 2019, at 432.8%.

Annual dynamics of product's imports to Asia in kind, 2017-2020, K t

From 2017 to 2020, Côte d'Ivoire was the leading source for cashew nut imports to Asia in kind, accounting for 32.4% of imports, followed by Ghana at 12.3% and Nigeria at 11.1%. Together, these three countries formed the main group of import destinations, with a combined share of 55.8% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Asia in kind, 2017-2020

Imports in value, M $ US

The volume of cashew nut imports to Asia declined for the third consecutive year. In 2020, imports reached 2 400 M $ US, reflecting a fall of 12.0% compared to 2019. Between 2017 and 2020, imports decreased by 29.7%, equating to an annualized decline of 11.1%.

Annual dynamics of product's imports to Asia in value, 2017-2020, M $ US

Throughout 2017 to 2020, imports of cashew nuts to Asia in value terms were not concentrated on a few key markets. Côte d'Ivoire accounted for 24.8% of imports in value terms, Ghana for 8.8%, and Tanzania for 8.7%. Together, these three countries represented only 42.2% of total import flows, indicating a diversified sourcing structure.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Asia in value, 2017-2020